Bank of Maharashtra Pays ₹857.16 Crore Dividend for FY 2023-24, Reports 55.84% Increase in Net Profit


Bank of Maharashtra (BoM), a public sector bank in India, has paid a dividend of ₹857.16 crore (₹8.57 billion or $105 million) for the financial year 2023-24. The cheque was presented to Finance Minister Nirmala Sitharaman on Friday by Nidhu Saxena, the Managing Director and Chief Executive Officer of Bank of Maharashtra, along with Executive Director Asheesh Pandey and Santosh Dular, who is in charge of NBCA at the bank. The presentation took place in the presence of Vivek Joshi, Secretary of the Department of Financial Services, Government of India.

For the fiscal year 2023-24, Bank of Maharashtra declared a dividend of ₹1.40 per equity share, which is 14 percent. This dividend reflects the bank’s strong financial performance during the year. The net profit for the bank increased by 55.84 percent, reaching ₹4,055 crore (₹40.55 billion or $500 million), up from ₹2,602 crore (₹26.02 billion or $320 million) in the previous fiscal year. This significant increase in profit highlights the bank’s strong financial health and operational efficiency.

Bank of Maharashtra has consistently performed well, leading among public sector banks in terms of total business and deposit mobilization, supported by strong fundamental indicators. The bank recorded a 15.94 percent increase in total business and a 15.66 percent increase in deposit mobilization for the financial year 2023-24. These figures underscore the bank’s ability to attract and retain deposits while expanding its overall business operations.

The consistent financial performance of Bank of Maharashtra year after year underscores its important role in the banking sector. The bank has shown resilience and adaptability to changing market dynamics, enabling it to remain at the forefront in terms of service delivery and customer satisfaction. This performance can be attributed to the dedication and efforts of its employees, along with effective strategic decisions and operational policies. The bank maintains a network of more than 2,500 branches and 2,206 ATMs, operating across 28 states and 7 Union Territories.

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